Correction Continuation/Completion Confirmations through Crucial Levels

Intra Day Chart Analysis & Market Outlook

(12-08-2016)

Nifty-Intra Day Chart (11-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channels
2- Selling between 8590-8601
3- Consolidation between 8541-8560
4- Down moves in Bullish Falling Channel
5- Whole day volatility in 60 points
6- Whole day actual trading between 8541-8601

Conclusions from intra day chart analysis 

Whole day volatility in 60 points with both consolidation and distribution patterns formations are suggesting to get on going correction continuation/completion confirmations through following crucial levels:-

1- 8518-8612(First indication)
2- 8478-8650(Final confirmation)

Sustaining beyond above levels will confirm:- 

1- Below 8478- correction continuation towards 8289.
1- Above 8650- Fresh rally towards 8728 and above after on going correction completion.

As busy therefore Stock Market Outlook of today is not being updated

8626 Will confirm correction continuation towards 8518 

Intra Day Chart Analysis & Market Outlook

(10-08-2016)

Nifty-Intra Day Chart (09-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8686-8710
2- Support between 8639-8661
3- Selling between 8673-8686
4- Whole day actual trading between 8639-8710

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Watch 8708-8723 for next trend after RBI Credit Policy ":-

1- Distribution Patterns between 8708-8723
2- finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.

Selling between 8708-8723 was told yesterday and almost whole day trading below it today with fresh selling. Although some supports at lower levels of the day above 8639 but again selling between 8673-8686 during last hour of the day.

As sufficiently good selling between 8673-8723 in last 2 sessions therefore correction continuation and more down moves can not be ruled out but some supports developed between 8639-8661 today which are within next immediate supports range(8626-8652). Next supports below 8626 are between 8518-8541 and once valid break down of 8626 will confirm on going correction continuation towards 8518.

Firstly Watch 8708-8723 for next trend after RBI Credit Policy  

Intra Day Chart Analysis & Market Outlook

(09-08-2016)

Nifty-Intra Day Chart (08-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Distribution Patterns between 8708-8723
2- Whole day actual trading between 8698-8723

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening and Green closing as well but selling patterns formations and completely under performance against all Global markets therefore an indication of some weakness developed today. RBI Credit Policy tomorrow and its announcements will decide next Short Term Trend but forceful break out of today highest or sustaining above today highest is must for fresh rally. 

As high volatility can not be ruled out just before RBI Credit Policy and technical positions reverses also amid high volatility as well as Doji(indecision) candle formation today therefore finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.

Rally Continuation above the top of on going Rally

Technical Analysis,Research & Weekly Outlook

(Aug 08 to Aug 12,2016)

Nifty-EOD Chart (05-Aug-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016 
7- Short Term Correction between 8518-8711 in previous week

Conclusions from EOD chart analysis 

Impulsive Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016) and sideways correction was seen between 8518-8711 in previous week.

Intra Day Chart Analysis(05-08-2016)

Nifty-Intra Day Chart (05-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8626-8652
2- Whole day actual trading between 8615-8689

Conclusions from intra day chart analysis 

63 Points sharp up in first minute after gap up opening and higher levels consolidation at 0.90% higher levels as well as closing at higher levels of the day after sudden sharp recovery in last half hour are strong indications of rally continuation of on going rally.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up. 
2- Intermediate Term Trend is up. 
3- Short Term Trend is sideways between 8518-8711 for the last 9 sessions.

Following lines were told on 01-08-2016 in "Rally continuation Expectations":-

1- As Short/Intermediate Term Indicators have turned overbought therefore correction is very much due
2- on going Wave-iii of Wave-3 will remain continued in the coming week.

Correction was very much due and it was seen in previous week through sideways trading between 8518-8711 but on going Wave-iii of Wave-3 also remained continued and previous week closing was at the top of not only previous week top but also at highest of on goint rally. Although Nifty firstly slipped in previous 3 sessions but without intraday selling patterns formations and sufficiently good consolidation patterns were also seen in last 3 sessions therefore on going rally continuation is expected in the coming week above the top(8711.30) of on going Post Budget 2016-17 rally.